| 研究生: |
許馥顯 Fu-Hsien, Hsu, |
|---|---|
| 論文名稱: |
投資人的工作表現對投資行為的過度自信的關聯性研究 The study on correlation between overconfident investments and work performances of investors |
| 指導教授: |
康信鴻
Kang, Hsin-Hong |
| 學位類別: |
碩士 Master |
| 系所名稱: |
管理學院 - 經營管理碩士學位學程(AMBA) Advanced Master of Business Administration (AMBA) |
| 論文出版年: | 2014 |
| 畢業學年度: | 102 |
| 語文別: | 中文 |
| 論文頁數: | 72 |
| 中文關鍵詞: | 過度自信 、工作績效 、工作滿意度 、工作專業度 |
| 外文關鍵詞: | Overconfidence, Job performance, Job satisfaction, Proficiency |
| 相關次數: | 點閱:87 下載:0 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
本研究之目的在於探討投資人於投資時過度自信程度受到投資人本身的工作表現中「工作績效」、「工作滿意度」、與「工作專業度」等成分,以及投資人的人口統計變項等因素的影響關係。
本研究使用問卷調查法收集資料。總共發出314份問卷,其中306人份有效問卷,為97.45%有效問卷回收率。此外,本研究透過敘述性統計分析、因素萃取、信度分析、效度分析、獨立樣本T檢定、單因子變異數分析以及迴歸分析來驗證本研究各項假說。
本研究結果顯示:投資人的過度自信與工作時的「工作績效」、「工作滿意度」、「工作專業度」有正向影響的關係。此外,「男性」、「有參與過公司的財務或投資決策工作經驗」、「研究所以上」、「金融業」的受試者在投資時的過度自信較其他受試者來的高。
The purpose of this study is to investigate the correlation between overconfident investment and work performance of investors. In this study, work performance is divided into three parts, including job performance, job satisfaction, and proficiency. This study uses questionnaire for data collection. A total of 314 questionnaires were distributed and 306 were valid, reaching a 97.45% of valid questionnaire recovery rate. Furthermore, this study applied descriptive statistical analysis, factor extraction, reliability and validity analysis, one sample t-test, one-way ANOVA, and regression analysis to verify the hypotheses.
The result of this study shows that overconfidence has positive relationship with job performance, job satisfaction, and proficiency of the investor. In addition, male, having investment working experience, higher education level, and working in finance industry are all characteristics subject to higher overconfidence in investment, comparing to other variables.
參考文獻
1. Ang, A. and Maddaloni, A. (2005). Do demographic changes affect risk premiums? Evidence from international data, Journal of Business 78(1), 341–379.
2. Baker, Malcolm, Richard S. Ruback, and Jeffrey Wurgler (2004). “Behavioral corporate finance: a survey,” NBER Working Paper.
3. Barber,B.M., and Odean, T. (1999).The courage of misguided convictions. Financial Analysts Journal, 41-55.
4. Barber,B.M., and Odean, T. (2000). Trading is hazardous to your wealth: the common stock investment performance of individual investors. Journal of Finance, 55, 773–806.
5. Barber,B.M., and Odean, T.( 2001).Boys will be boys: gender, overconfidence, and common stock investment. Quarterly Journal of Economics, 116, 261–292.
6. Barber,B.M., and Odean, T.( 2002).Online investors: do the slow die first?.Review of Financial Studies, 15,455–487.
7. Bertrand, M. and A. Schoar (2003). “Managing with style: The effect of manager on firm policies” working paper
8. Beyer, S. & Bowden, E. M. (1997). Gender Differences in Self-Perceptions: Convergent Evidence from Three Measures of Accuracy and Bias. Personality and Social Psychology Bulletin,23, 157-172.
9. Biais, B., Hilton,D. Mazurier, K. & Pouget,S. (2005).Judgemental Overconfidence, Self-Monitoring, and Trading Performance in an Experimental Financial Market. Review of Economic Studies, 72, 287-312.
10. Brown, R. & Sarma, N. (2007).CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business, 59, 358-379.
11. Campbell, WK., Goodie, AS., Foster, JD. (2004). Narcissism, Confidence, and Risk Attitude. Journal of Behavioral Decision Making 17, 297–311.
12. Christensen-szalanski, J. J. J., and J. B. Bushyhead. (1981). Physicians use of probabilistic information in a real clinical setting. Journal of Experimental Psychology-Human Perception and Performance 7(4): 928-935.
13. De Bondt, W. F. M. & Thaler, R. H. (1995).Financial decision-making in markets and firms: a behavioral perspective in R A Jarrow, V Maksimovic and W T Ziemba (eds). Finance. Handbooks in Operations Research and Management Science 9, 385–410.
14. De Bondt, W. F. M. (1998).A portrait of the individual investor. European Economic Review, 42, 831-844.
15. Delong, j. B. (1993). Noise trader risk in financial markets. The journal of political economy, 98(4), 703-38
16. Dorn, D., and G. Huberman.(2005). “Talk and Action: What Individuals Say and What They Do.”, Review of Finnce 9, 437-481
17. Feng, Lei, and Mark S. Seasholes, (2004). Correlated Trading and Location. Journal of Finance, 6, 2117-2144.
18. Gervais, S., & Odean, T. (2001). Learning to be overconfident. Review of Financial Studies, 1(4), 1-27.
19. Gervais, Simon, J. B. Heaton, and Terrance Odean, (2003). “Overconfidence, investment policy, and executive stock options,” Working Paper, Duke University.
20. Goel, Amand Mohan, and Anjan V. Thakor,(2000) “Rationality, overconfidence and leadership,” Working Paper.
21. Goyal, A. (2004). Demographics, stock market flows, and stock returns, Journal of Financial and Qualitative Analysis 39(1), 115–142.
22. Griffin, D., & Tversky, A. (1992). The weighing of evidence and the determinants of confidence. Cognitive Psychology, 24 , 411-435.
23. Hackbarth, Dirk. (2004). “Determinants of corporate borrowing: a behavioral perspective,” Working Paper, Indiana University.
24. Heaton, J. B. (2002). “Managerial optimism and corporate finance,” Financial Management 31 (2), 33-45.
25. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision Under Risk. Econometrica, 47(2), 263-292.
26. Krishnan, R. and D.M. Booker. (2002). Investors’ Use of Analysts’ Recommendations, Behavioral Research in Accounting 14, 129-156.
27. Lewellen, W., Lease, R., and Schlarbaum, G. (1977). Patterns of investment stratfey and behavior among individual investors. Journal of Business, 50(3), 296-333
28. Lei F. and M. S. Seasholes (2005). Do Investor Sophistication and Trading Experience, Eliminate Behavioral Biases in Financial Markets?, Review of Finance 9(3), 305–351.
29. Lichtenstein, S., & Fischhoff, B. (1977). Do those who know more also know more about how much they know? Organizational Behavior and Human Performance, 20, 159–183.
30. Lichtenstein, S., Fischhoff, B., and Lawrence P. (1982). Calibration of Probabilities:Heuristics and Biases, Daniel Kahneman, Paul Slovic, and Amos Tversky, eds. (Cambridge and New York: Cambridge University Press).
31. Lin, Yueh-hsiang, Shing-yang Hu, and Ming-shen Chen (2005). “Managerial optimism and corporate investment: some empirical evidence from Taiwan,” Pacific-Basin Finance Journal 13, 523-546.
32. Lundeberg, M. A., Paul, W. F., and Judith, P. (1994). Highly Confident but Wrong: Gender Differences and Similarities in Confidence Judgments, Journal of Educational Psychology 86(1) , 114–121.
33. Malmendier, U., & Tate, G.(2005). Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited. European Financial Management, 11(5), 649–659.
34. Murphy, A. and R.L. Winkler (1977). “Can weather forecasters formulate reliable probability forecasts of precipitation and temparture ?” National Weather Digest, 2, 2-9.
35. Nofsinger, John R. (2005). Overconfidence, The Psychology of Investing (2nd ed.). New Jersey: Pearson Prentice Hall.
36. Odean, T. (1998a). Volume, volatility, price, and profit when all traders are above average. Journal of Finance, 53, 1887–1934.
37. Odean, T. (1998b). Are investors reluctant to realize their losses? " Journal of Finance, 53, , pp. 1775-1798.
38. Oskamp, S. (1965). Overconfidence in Case-Study Judgements. Journal of Consulting Psychology, 29(3), 261-265.
39. Svenson, O. (1981). Are we all less risky and more skillful than our fellow drivers? Acta sychologica, 47, 143-148.
40. Taylor, S. E., & Brown ,J. D. (1988). Illusion and well-being: a social psychological perspective on mental health. Psychological Bulletin, 103, 193–210.
41. Sieck,Winston.(2000)."Overconfidence in judgment for repeatable events" , University of Michigan, Working paper.
42. Uptal, B., Andreas H., Simon K., Benjamin L., and Steffen M. ( 2012). Is Unbiased Financial Advice To Retail Investors Sufficient? Answers from a Large Field Study, The Review of Financial Studies 25(4), 975-1032
43. Weinstein, Neil D. (1980). “Unrealistic optimism about future life events,” Journal of Personality and Social Psychology 39, 806-820.
44. Wallsten, T. S.(1981). “Physician and medical student bias in evaluation diagnostic information,” Medical Decision Making, 1, 145-164
45. Yates, J. Frank, Judgment and Decision Making, (1990) (Englewood Cliffs, NJ: Prentice Hall
校內:2024-01-01公開